Sable Offshore (NYSE:SOC) Trading Down 5.3% – Here’s Why

Sable Offshore Corp. (NYSE:SOC) was down 5.3% during trading on Wednesday . The company traded as low as $8.23 and last traded at $8.2890. Approximately 902,564 shares traded hands during trading, a decline of 77% from the average daily volume of 3,998,521 shares. The stock had previously closed at $8.75.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research analyst reports. Roth Capital reiterated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Finally, Benchmark restated a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Stock Performance

The firm has a fifty day moving average of $7.08 and a 200 day moving average of $17.93. The firm has a market capitalization of $1.21 billion, a PE ratio of -2.55 and a beta of 0.51.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Research analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were acquired at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the transaction, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. The trade was a 9.88% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in the company. FNY Investment Advisers LLC boosted its holdings in shares of Sable Offshore by 380.3% in the 3rd quarter. FNY Investment Advisers LLC now owns 88,490 shares of the company’s stock valued at $1,545,000 after buying an additional 70,068 shares during the period. Penn Capital Management Company LLC grew its stake in shares of Sable Offshore by 24.2% in the third quarter. Penn Capital Management Company LLC now owns 37,130 shares of the company’s stock worth $648,000 after purchasing an additional 7,232 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Sable Offshore by 2,673.7% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock valued at $135,000 after buying an additional 7,433 shares during the period. GM Advisory Group LLC raised its holdings in Sable Offshore by 1.0% during the third quarter. GM Advisory Group LLC now owns 1,023,149 shares of the company’s stock worth $17,864,000 after purchasing an additional 9,794 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Sable Offshore by 846.7% during the third quarter. NewEdge Advisors LLC now owns 23,176 shares of the company’s stock valued at $405,000 after buying an additional 20,728 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.